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The law under consideration “delinks” PBM compensation from manufacturer rebates in Medicare and requires flat administrative fees, certified at fair market value. It also mandates that rebates be passed through to health plan sponsors in the employer-sponsored market. This sounds appealing, but incentives matter. When compensation no longer depends on securing better terms, bargaining effort becomes a cost center rather than a profit center. PBMs will still compete for contracts, but competition on administrative fees isn’t the same as competition on aggressive price concessions and won’t lower drug prices.
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Yuanji Yunjiao has also run into a growth bottleneck and has kept trying to break through. On the one hand, growth has been heavily dependent on store count. In the first three quarters of 2025, per-store revenue efficiency fell 4.3% year on year, while average spend per order dropped from RMB 26.1 in 2023 to RMB 22.8. In lower-tier markets, the company also faced challenges such as pricing that is perceived as too high (an average of RMB 23, close to the upper limit of the price band in lower-tier cities) and difficulties in flavor localization—its southern-style, fresher and slightly sweeter taste profile has not been well accepted in lower-tier northern cities.